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Home >> Banks >> State Bank of India NRI Account
State Bank of India NRI Account
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Corporate Details:
This site provides comprehensive information on State Bank of India NRI Account, the premier Indian Public Sector Bank's - ' Non-Residential Indian Account'. State Bank of India NRI Account, has one of the highest number of NRI accounts.
State Bank of India NRI Account as defined by FEMA can be opened by -
An Indian citizen / Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business / vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.
- An individual, if stays less than 182 days in India,during the preceding financial year.
Activities:
State Bank of India NRI Account offers banking services to Indians living outside India and the process of opening of an NRI account with SBI / State Bank of India are -
- Documents requirements - Passport copy, Visa / residence permit, 2 photographs and initial money remittance.
- Signature verification by anyone of the following - Indian Embassy / consulate, Any person known to the Bank, Notary public and any of SBI foreign offices.
- One can open - NRE Saving Bank a/c / Current Accounts, Fixed Deposits in Indian Rupees, Fixed Deposits in Foreign Currency and NRO accounts (Rupee accounts for crediting income in India).
- Further, one can authorize a resident to operate your account through a Power of Attorney or Letter of Authority. Nomination Facility is also available (Nominee can be a resident Indian also).
SBI NRI Account offers the following services to its NRI customers:
- Deposits accounts, with following types:
- NRE Savings Bank Account.
- Foreign Currency Non-Resident Deposit Accounts.
- NRE Term Deposits.
- Non-Resident (Ordinary Accounts).
- Resident Foreign Currency Accounts.
- NRI-Car Loan Schemes.
- Miscellaneous services like -
- Facilities for returning Indians.
- Investment schemes for NRI
- Tax benefits for NRIs.
- Remittances to India.
- NRI home Loans.
Performance:
State Bank of India NRI Account with its other International Business group has recorded a YOY growth of 31% increasing from USD 77.11 mio to USD 100.86 mio in the year 2006 -07. State Bank of India NRI Account with its other foreign offices and subsidiaries has raised funds aggregating USD 1.210 bio under its MTN programme in 2006-07. The size of the programme was increased to USD 5 billion from USD 2 billion to fund longer tenor assets build up in foreign centers.
Organization:
The State Bank of India, the parent organization of State Bank of India NRI Account is headed by Mr. Shri O. P. Bhatt, Chairman and employs around 2,20,000 personnel. State Bank of India NRI Account Central Office is located at:
Central Office
Mumbai – 400 021
India.
Telephone No. 22029456 / 22029451.
Fax no. 22885369.
www.statebankofindia.com
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